Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Eurasia Mining says permit application for Monchetundra mine is going faster than expected

The authority on mining, Rosnedra has now approved a draft of the permit
Monchetundra, on the Kola Peninsula, is a major platinum group metals (PGM) and base metals project

Eurasia Mining plc (LON:EUA) says its application for a mining permit for the Monchetundra project in Russia is progressing much quicker than expected.

The authority on mining, Rosnedra has now approved a draft of the permit and has forwarded the relevant documents to the ministry for defence (MOD) and Federal Security Service (FSB) for their go-ahead.

READ: Eurasia Mining has two million PGM ounces in the ground, and a finance deal to get them out

"We are very pleased with this result and the efficiency of the officials at Rosnedra in processing this application," said Christian Schaffalitzky,  the executive chairman at Eurasia.

"The experience of our staff in Russia, gained from successfully processing a similar mining permit for our West Kytlim Project has proven invaluable.

"We look forward to providing further positive news in due course."

Monchetundra, on the Kola Peninsula, is a major platinum group metals (PGM) and base metals project with state approved reserves plus resources of 2mln ounces of palladium equivalent of PGM with further base metal and gold credits.

READ: Eurasia Mining lodges mine permit for Monchetundra

Under Russian standard C1 and C2 categories, the project hosts 55.9 tonnes (about 2mln ounces) palladium equivalent (predominantly palladium) at two open-pittable locations, West Nittis and Loipishnune. 

These pits also contain significant gold and base metal credits including 28,124 tonnes of copper and 30,410 tonnes of nickel.

An EPCF (engineering, procurement construction and financing contract) to develop the mine has already been inked with Sinosteel -  a state owned Chinese group.

Meanwhile, discussions continue with other third-party service providers over operating the mine.

Eurasia wants to emulate the contract mining arrangement at West Kytlim by contracting it to a reputable international specialist company with experience in Russia.

Shares shot up 50% in early deals to 0.38p to be top London gainer.

View full EUA profile View Profile

Eurasia Mining plc Timeline

Related Articles

July 28 2018
Jaxon said the first phase of fieldwork included geological mapping and sampling the Red Spring area, located within the Hazelton Property.
August 08 2018
Eurasia Mining has an enviable position in Russia platinum and platinum group metals

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use